1. Field
This application relates to risk management, to systems and methods that manage risk, and to content, process, document and records management systems.
2. Related Art
Many risk control systems are built on flat databases that are merely used to record and monitor a catalog of risks. Information concerning the status of these management efforts is typically entered manually into the risk control system. The actual management of the risks is typically handled outside of these systems.
Frequently, the risk database that is used in these systems lags behind the actual risk circumstances and adds little value to the risk management process, other than to create a record for compliance purposes. Losses that are associated with these risks also often tend to be kept separately.
At the same time, there has been a growing need to properly control operational risks. Regulatory authorities are tightening up on the required degree of controls, including regulations such as the Basel Accord II, the FSA Risk Framework, and the Turnbull Report/Common Code of Practice.
In short, there is a growing need to be proactive in the management of risk, to reduce and mitigate risk, to reduce the capital needed to cover risk, to better control the processes associated with risk, to more promptly identify risk, to move business rules management away from legacy systems, and to transfer the management of risks to the owners of them.